The cost of a top end flat in London would buy at least two homes elsewhere
Across the UK, you could buy at least two homes for the price of a flat in Kensington and Chelsea in London, one of the most expensive home markets in the country, new research has found.
Although it is unlikely to happen, with an average detached house price of £137,742, prime central London flat buyers could pick up eight homes on the Western Isles for the same budget.
While this was the highest across the country, Burnley, County Durham, Blaenau Gwent, Port Talbot, East Ayrshire, Blackpool, Hyndburn, Stoke and Dumfries and Galloway all have detached house prices between £156,000 and £182,00, meaning for the price of a high end London flat you could pick up six to seven detached homes in each area.
The research from GetAgent also shows that the price of a high end London flat could secure you nearly five homes in Nottingham, Liverpool and Sheffield and three in Leicester, Newcastle, Glasgow, Manchester, Plymouth, Leeds, Aberdeen, Birmingham and Southampton, or two in Edinburgh and Bristol.
Despite some of the highest property prices in the UK, you could pick up a detached home in Oxford, Cambridge and London for the price of a flat in Kensington and Chelsea.
‘Getting a foot on the ladder is a momentous task for many and so it’s quite mind-boggling when you consider how many houses you can buy in other great parts of the UK for the price of just one flat in Kensington and Chelsea,’ said Colby Short, chief executive officer of GetAgent.
‘While much has been made about the decline of the capital’s top-end market as a result of wider political headwinds, it goes to show how crazy parts of the London have become over the years when a flat alone is commanding such sums,’ he pointed out.
‘I think it’s fair to say that it remains a completely different world for the average UK home buyer and any talk of price growth decline across the capital’s top tiers of late will probably be met with little sympathy from most,’ he added.